Rupee reached our exact target of 49.20 levels and corrected lower. We see some very short term correction till 48.50-60 levels which would again pull rupee bears in the market.We would favour going longs around these levels (importers cover). We maintain bearishness in rupee in medium term. Only and Only if we get support from dollar strength and bearish momentum in stocks , commodities and dollar index we could see rupee at 50 levels soon otherwise rangebound between 48.60 and 49.20. Bearish (USD/INR : 48.65)
MTS Mobile connects Jharkhand with Wireless Service
Since its launch in Bihar in July this year, and having expanded to cover 28 of the 37 districts there, MTS has now launched in Jharkhand with up to 60% of the planned coverage in the state including 7 districts of Ranchi, Bokaro, Dhanbad, Lohardaga, West Singhbhum, East Singhbhum and Giridih, in Phase I. MTS will be available in Devghar & Sahibganj by mid-September, while all remaining districts will be covered by end of October. MTS Jharkhand subscribers will enjoy roaming facility in neighboring states of Bihar and West Bengal and all over India. MTS is currently available at 6500 retail outlets in Jharkhand, and will be available at 10, 000 retail outlets by end of this year.
Read moreMTS Mobile connects Jharkhand with Wireless Service
FM proposes tax free rice import
Taking deficient monsoon in the country into consideration, a panel headed by Finance Minister Pranb Mukherjee has suggested for scrapping 70% import tax on rice up to September next year in order to ensure steady supply and prices. The government has estimated the rice production to slip 10 million tonnes from last year’s output of … Read more FM proposes tax free rice import
Jet Airways feels the heat of mass leave of the pilots
The National Aviators Guild (NAG), a body of pilots belonging to Jet Airways has decided to withdraw its proposed strike protesting against the sacking of two of their senior colleagues by the airline’s management. However, more than 600 pilots of the airline and its low-cost subsidiary JetLite have gone on mass casual leave on Tuesday jeopardising the airline’s operations across the country.
The sudden move by the pilots has led to the cancellation of around ten morning flights with the airline accommodating the passengers on flights of other airlines.
Read moreJet Airways feels the heat of mass leave of the pilots
Government reimbursement for Oil Marketing Companies
Based on the governments recent stance taken at various forums, confidence is growing on the intent to completely reimburse OMCs for under-recoveries i.e. (i) make upstream bear the entire auto fuel losses, and (ii) fully compensate OMCs for LPG/kero through oil bonds.
While absolute certainty on the above issues is likely 3-6 months away, we view the stocks should price in the positives, albeit with
Read moreGovernment reimbursement for Oil Marketing Companies
Asian copper trades lower ahead of Chinese trade data
Copper was trading lower, snapping its three-day gains as traders awaited evidence that demand from China, the world’s largest metals consumer, may sustain prices after the metal reached an 11-month high last month.
The Chinese Statistics Bureau and customs departments are set to report trade and economic data, including figures tracking inflation, industrial production, trade and fixed-asset investments. The People’s Bank of China is also scheduled to report figures for August money supply and loans.
Read moreAsian copper trades lower ahead of Chinese trade data